File for Taxes or not

[rak-pat]

I recently started a business an LLC registered in WY and due to current market condition i am yet to get my first customer. If i have not earned any money by end this year, do i need to file the taxes? If yes, what forms and deadlines i need to pay attention too?

thankyou.

[Kelly Thomas C]

You are entitled to deduct your business expenses even if you have not generated any revenue. The loss created will reduce your other taxable income, if you have other income.

I am assuming you are a single member LLC in that you are the only owner of the WY LLC. If yes, you do not file a separate tax return for the LLC, rather the business financial activity is included in a Schedule C (self-employment) form on your personal 1040 tax return.

i hope this is helfpul to you.

Kelly C.

CPA

[rak-pat]

thank you Kelly.

i do not pay myself at the moment from the business. Though am full time employee and try to get business going. And yes am single member.

[rak-pat]

anything i need to do from State level?

[Kelly Thomas C]

Wyoming does not have state income tax for individuals or LLCs. But there is an annual LLC renewal fee.

If you live in a state with income tax, your self employment income from LLC will pass through to your state income tax return.

I hope this is helpful to you.

Kelly C

CPA